Tony Abbott Defeats Kevin Rudd To Win Australian Election

Tony Abbott has become Australia's 28th prime minister, declaring from today "Australia is under new management ."

Abbott said he was "proud and humbled" to "shoulder the duties of government", as he spoke to his supporters today after his victorious win.

"I now look forward to forming a government that is competent, that is trustworthy, and which purposefully and steadfastly and methodically sets about delivering on our commitments to you, the Australian people," he said.

Earlier, former Prime Minister Kevin Rudd conceded that Labor has lost the federal election from Brisbane.

At a party function in Brisbane, Mr Rudd said: "A short time again I telephoned Tony Abbott to concede defeat at this national election. As prime minister of Australia, I wish him well in the high office of prime minister of this country."